September 5, 2018 / 6:29 AM / in 2 months

William Hill signs U.S. sports-betting deal with Eldorado

Sept 5 (Reuters) - Betting company William Hill Plc has agreed to pay $50 million in stock and a 20 percent stake in its U.S. business to form a 25-year sports betting partnership with U.S. casino operator Eldorado Resorts Inc, the companies said on Wednesday, confirming an overnight media report.

William Hill said the deal covered Eldorado’s 26 casinos in 13 states and would lead to it opening sportsbooks in five properties within weeks.

The stock, worth 1.6 percent of William Hill’s market capitalisation, will be subject to a 3 to 5 year lock-up, the companies said. (Reporting by Justin George Varghese in Bengaluru)

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